Tito Mboweni was integral to SA’s macro-economic stability
The South African Revenue Service (SARS) pays special tribute to the late Mr. Tito Mboweni who helped to stabilize our macro-economic landscape in the pivotal roles he played as Governor of the Reserve Bank and Minister of Finance, working closely with SARS as part of the broader Finance family.
SARS Customs officers in R25 million cocaine bust
Customs officers of the South African Revenue Service (SARS) uncovered 47 bricks of compressed cocaine, with an estimated street value of R25 million, at the OR Tambo International Airport this morning.
More than 1 million taxpayers withdraw from their savings pot
The South African Revenue Service (SARS) wishes to announce that to date it has received 1,213,646 applications for tax directives for withdrawals from the Savings Withdrawal Benefit of the two-pot system. Of the total number of applications 1,148,729 tax directives were approved for funds to be released. The remainder were declined for a variety of reasons, including incorrect Identity Numbers, incorrect tax numbers, amongst others.
SARS Warns About Crypto Asset Compliance
The South African Revenue Service (SARS) has noted the phenomenal growth of the use of various digital currencies by many South Africans. Prominent amongst these is the prevalence of crypto assets. A staggering number of more than 5.8m South Africans hold a crypto asset, with Southern Africa boasting the largest uptake of Bitcoin in the world.
Constitutional court ruling on ‘conduit principle’ and capital gains liability in multiple tiered Trust structure
The Commissioner for the South African Revenue Service (SARS) welcomed the Constitutional Court judgement handed down on 02 October 2024 by the Constitutional Court on the matter of The Thistle Trust v Commissioner of SARS. The matter concerned the applicability of the ‘conduit principle’ to capital gains when distributed in a multiple-tiered Trust structure in the same tax year. The Constitutional Court ruled in favour of SARS’ application of the statutes to the tax liability of the taxpayer, Thistle Trust.
TV Producer and Co-accused appear in court for Tax Fraud
Joint media statement: Investigating Directorate against corruption (IDAC) and the South African Revenue Service (SARS). A well-known television producer and businessman, Dumakude Mayivuke Ndlovu together with two of his co-accused, Rodney Mutsharini, a registered tax practitioner who assisted Ndlovu with his Personal Income Tax (PIT) and Maxwell Mloyi, who is an unregistered tax practitioner but assisted Ndlovu with his Company Income Tax (CIT), appeared before the Palm Ridge Specialised Commercial Crime Court on 18 charges of tax fraud relating to Ndlovu’s personal and company income tax valued at approximately R26 million.
Trade Statistics for August 2024
South Africa recorded a preliminary trade balance surplus of R5.6 billion in August 2024 attributable to exports of R165.6 billion and imports of R159.9 billion.
The Passing of Former Minister Pravin Gordhan, a Fearless Ambassador for Public Service
Today is a day of profound sadness with the passing of the beloved Former Minister Pravin Gordhan, affectionately known as “PG” to many of us, a remarkable steward leader whose contributions to the South African Revenue Service (SARS) and our nation will be remembered for generations to come.
Preliminary amount of R4.1bn applied for in two pot system
The South African Revenue Service (SARS) has received a total 161,607 tax directive applications.
Trade Statistics for July 2024
South Africa recorded a preliminary trade balance surplus of R17.6 billion in July 2024 attributable to exports of R175.0 billion and imports of R157.4 billion.
